Student protests in France took a temporary break after three weeks of unrest, but market pressure on the government intensified ahead of crucial budget negotiations. France’s budget deficit topped 5.1% of GDP last year, and the government must convince a deeply divided National Assembly to approve a fiscal adjustment worth tens of billions of euros. Yields on French 10-year government bonds have surged by more than 100 basis points since the start of the year, reaching multi-decade highs. Pimco’s CEO described the situation as “critical”, while rating agencies Moody’s and S&P are due to publish their reviews in the fourth quarter.
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